Ireland remains a nation of aspiring homeowners. For over 8 in 10 (86%) owning our own home is important to us. However, only half that many feel it will ever be possible. Two thirds believe that future generations will find it much harder to own a home.
It’s a tough market for first time buyers as the cost of both buying a home and renting go up, making saving for a deposit more and more difficult. Only 41% have saved enough for a deposit (minimum 10% of purchase price), 33% have some savings in place but not enough for a deposit, while 27% have yet to start saving. As a result, many young people are having to wait longer to move out of the family home and begin living independent lives.
Social housing is growing in appeal. Just under half (46%) of those in the market to buy a home would consider availing of social housing, rising to 61% of 18-24 year olds. One in five (21%) are now considering it for the first time because of how challenging the private market has become.
Many existing homeowners are unaware of potential savings they could make on their mortgage payments. Only 28% of homeowners know they can reduce their mortgage repayments by having a high BER rating, while only 39% of homeowners know what their BER is. Just over 1 in 2 (53%) homeowners know that their LTV could reduce their mortgage repayments, but less than half (47%) of homeowners know what their LTV is.
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